Q and a of Wills (2)
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by: SchneiderLawOR
Word Count: 2544
Date: Wed, 1 Feb 2012 Time: 5:04 AM
Creating a will is the starting point of estate planning, but it certainly should not be the ending point. While there are several other documents that make up a comprehensive estate plan, we answer questions involving the most important document, the will.
I don’t have much property, do I still need to draft a will?
Yes, a will is an estate planning tool that not only distributes your property, but serves other important functions. These include naming an executor for your estate and naming a guardian for any minor children. Should you not have a will, a probate court will make these decisions for you, so it is in your best interests to have a will.
If I have a will, does my estate avoid probate?
Probate is the legal proceeding that administers the estate of a deceased. Even with a will, an estate will be probated, but the process is much smoother. There are estate planning tools that allow specific property to avoid probate, including creating a living trust or purchasing a life insurance policy.
Do I need a lawyer to create a will?
While some simple estates may be able to use a ‘will kit’ to draft a will, often you don’t realize how complex your estate may be. An estate planning attorney can advise you of the best strategies for not only drafting a will, but to meet other goals as well, such as having a tool in place in case of incapacitation in your later years.
What if I want to change a will at a later date?
Wills, along with other estate planning documents, should be reviewed every few years, or if significant life changes occur, such as marriage, divorce or the birth of a child. Wills can be either updated with what is called a codicil to make minor changes, or you can prepare and properly execute a new Will that revokes the earlier Will for more extensive changes. This is one area in particular where an estate planning attorney is helpful, as many who use ‘do-it-yourself’ will kits, do not properly revoke an existing will or fail to properly execute a will.
About the Author
Experienced estate planning attorneys Portland OR of the Law Offices of Richard B. Schneider LLC offers estate planning and business planning resources to residents of Portland OR. To learn more about these free resources, please visit www.rbsllc.com today.
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